Global Shoe Care Market 2020: Size, Global Trends, Comprehensive Research Study, Development Status, Opportunities, Future Plans, Competitive Landscape and Growth by Forecast 2029

Shoe Care Market Overview:

“The Shoe Care Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Shoe care refers to cleaning and maintaining the appearance of footwear by using various products in order to extend the product lifespan. Shoe care products include polishes, creams, sprays, brushes, etc.

Global Shoe Care Market: Dynamics

Drivers:

Increasing demand for footwear, coupled with a growing global population are among some of the key factors projected to drive the growth of the global market. For instance, according to Trade Union Rights Center (TURC), in 2013, more than 22 Bn pairs of shoes were produced globally.

In addition, the high cost of certain types of shoes, leather shoes for instance, and the need to take proper care in order to maintain its properties such as shine, appearance, etc. is another major factor driving the market growth.

Increasing awareness regarding ongoing fashion trends, increasing Internet penetration and smartphone adoption, coupled with rising preference for online shopping are among other factors expected to propel the growth of the target market over the 10-year forecast period.

The availability of shoes in various shapes, sizes, and materials, and application-specific categories may require different types of shoe care products in order to maintain product hygiene, appearance, shape, and lifespan depending upon material and other aspects.

The increasing working population globally is resulting in high demand for formal footwear among men as well as women, which is another factor anticipated to fuel the growth of the target market.

Some Facts and Figures that are indicative of rapidly rising demand for shoe care products in the years to come:

• At present, around 87% of shoe production is done in the Asia Pacific, with China being the major producer, which is producing nearly 2 out of 3 of every pair of shoes sold globally.
• In terms of leather shoes, more than 40% of leather shoes are made in China market, which is followed by markets in Italy, Mexico, India, and Brazil, with 7%, 6%, 4%, and 4% of total production respectively.
• In addition, the top 5 leather material producers include China with 18%, Italy with 10%, the Republic of Korea with 7%, India with 7%, Russia with 6%, and Brazil with 6% of the total production of leather.

Restraints:

However, market fragmentation and the availability of counterfeit or replica products at lower costs in local markets are key factors that could hamper the growth of the global market to a certain extent.

Global Shoe Care Market: Segment Analysis

Product Type Segment Insights:

Among the available product types, the polish segment is estimated to contribute a significantly high share of the global market in terms of value. This is attributed to its application on formal as well as casual shoes and also due to its benefits including moisture resistance and shiny look.

Application Segment Insights:

Among the segments based on applications, the formal shoe segment is estimated to record a significant growth rate over the 10-year forecast period, due to the growing necessity and adoption of formal shoes in various corporate offices for various occasions such as business meetings, official events, office parties, etc.

The sports shoe segment is projected to record a significantly high revenue share in the market owing to high demand for sports shows from professional players, as well as sports club players and individuals. Moreover, the rising craze of imitating sportspeople and buying products endorsed by him is also expected to result in higher demand for sports shoes.

Sales Channel Segment Insights:

Among the sales channel segments, the offline segment is estimated to record a substantially high revenue share in the global market. This is due to the easy availability of a wide range of multi-brand products in a variety of materials, shapes, sizes, and colors in hypermarkets, supermarkets, specialty stores, shoe showrooms, etc. The online segment is projected to witness a higher growth rate in the market, due to increasing preference for buying shoes online at discounted prices and easy returns and refunds feature.

Global Shoe Care Market: Region Analysis

Currently, the North American market is dominating the global shoe care market and is projected to maintain its dominance over the 10-year forecast period, attributed to the strong presence of the corporate offices in the US and Canada, which is projected to influence the adoption of formal wear shoes, therefore resulting in high demand for shoe polish and other shoe care and cleaning products.

These are some additional factors supporting the revenue growth of the target market.

In addition, the trend of wearing formal wear shoes on various occasions and events such as wedding ceremonies and corporate parties is another factor expected to propel the growth of the target market.

Furthermore, increasing inclination towards using premium and exclusive shoes and shoe care products coupled with high disposable income are some other factors expected to support the growth of the target market.

An increasing number of educational institutes and corporate organizations in various developing countries such as India and China are some factors propelling the growth of the shoe care market in the Asia Pacific.

In addition, increasing urbanization and improved standard of living coupled with increased spending capacity are some other factors projected to propel the target market growth in this region. The Europe market is estimated to record a significantly high revenue share in the market due to higher demand for high-quality classic shoes made of leather and other materials as a symbol of prestige and royalty.

In addition, initiatives by the government and NGOs to offer clear scenarios in the value chain of the shoe market is a factor projected to have a positive impact on the target market.

For instance, the ‘Change Your Shoes’ project – a European initiative – stands for a sustainable, ethical, and transparent shoe supply chain. In accordance with this, the project also focuses on the rights of the workers in the shoe industry, their wages, and workforce safety.

Global Shoe Care Market Segmentation:

Segmentation by Product Type:

• Polish
• Cleaning
• Accessories

 Segmentation by Application:

• Formal Shoe
• Casual Shoe
• Sports Shoe
• Others (Loafers, Sneakers, etc.)

Segmentation by Sales Channel:

• Offline
• Online

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa